A study looks at the hourly wage gap between college and high school graduates, and researchers suggest policy options to boost retirement savings that include financial literacy training, among other things.
Tag: Retirement Income
A study found the cost of health care was another top reason retirees filed for bankruptcy.
In a new Bank of America Merrill Lynch survey, 95% of employers who offer such benefits agree that their financial wellness programs have been effective at promoting work force management goals.
According to a new survey, 76% of employees say they understand the salient features of health savings accounts, or “HSAs,” yet only 12% could correctly identify the common attributes of an HSA in a simple quiz.
Fifty-four percent of respondents to an Allianz Life survey say that other expenses are interfering with their retirement savings, and 20% say they are saving for other financial goals.
But more than half of pre-retirees expect to hold down a job, PGIM found in a survey.
In the U.S., pre-retirees think they will need 74% of income, but retirees only receive 58%.
A new report published by Cerulli Associates draws out participant perspectives on the topic of DC plan decumulation, revealing that many of those leaving the work force feel “generally clueless” about how to manage their nest egg.
More than one-third of Gen Xers and Millennials have no retirement savings, and although many expect to rely on Social Security for a major portion of retirement income, they have no intention of maximizing their benefits, a survey finds.
Ninety-one percent believe their savings will last throughout their lifetime, MassMutual found in a survey.
A mere 21% feel confident about drawing down their retirement plan assets, Ameriprise Financial found in a survey.
“If a plan sponsor can invest in an adviser or other person to provide direction for terminating or retiring employees, that would be extremely helpful,” Terry Dunne, from Millennium Trust Company, told 2018 PLANSPONSOR National Conference attendees.
Together, they supply 40% of retirees’ income.
Some people are running out of money in retirement, but many are refusing to spend and are living below their means. Are they doing so out of fear, or do they just not need as much?
In a frank conversation with PLANADVISER, Andrew Biggs points to some common misconceptions about retirement income replacement among lower income groups.
Commenting on new Social Security deficit projection figures published this week, Rob Fishbein, corporate counsel at Prudential Financial, says it’s not time to hit the panic button yet—but it is time to take very seriously the retirement income challenge individuals face.
Variable annuities continue to face challenges in the wake of transaction processing disruptions caused by the now-vacated DOL fiduciary rule; however, experts anticipate sales to recover as business processes normalize and newer product types come to market.
The Social Security OASI Trust Fund is projected to become depleted in late 2034, as compared to last year’s estimate of early 2035.
With many Boomers retiring, the research firm says the industry is at “an inflection point.”